As of 2021, Homeowners Associations manage 358,000 neighborhoods in the United States. Considering that fact, there are plenty of people who live in HOA communities. Additionally, many of these groups use management companies to help them make the most of their homes or condos.
The question is, does having an HOA management company increase property values? If you're wondering whether this is a useful partnership, keep reading to find out.
What Does an HOA Do?
Homeowners Associations are organizations that create and enforce rules for residents. They also maintain the community. Properties within an HOA neighborhood can be individual homes, townhouses, condos, etc.
Exact responsibilities may vary depending on the community. However, an HOA deals with landscaping, exterior upkeep, and maintaining common areas. They also ensure that homeowners follow the rules.
In return, members of HOA neighborhoods pay fees to help cover these costs. The goal is that having a Homeowners Association and paying the HOA fees will keep the neighborhood in good shape.
Does an HOA Raise Neighborhood Property Values?
Much HOA information is private, so finding statistics relating to property values isn't easy. That said, these groups uphold standards that improve the look and feel of their communities.
Your HOA does a lot of work to keep up the appearance of your neighborhood. They improve the building exteriors, maintain the roof, ensure the landscaping looks good, uphold safety standards, stay on top of maintenance, etc.
Clean and orderly homes are more aesthetically pleasing. As a result, they often have better curb appeal. Homes with great curb appeal tend to have higher property values.
Also, homeowners would rather live in a well-maintained community. There are advantages to not having to worry about unkempt yards or obnoxious home colors.
Plus, these neighborhoods are often in desirable areas and provide perks and amenities. Common areas such as clubhouses, fitness rooms, and pools are available to residents who pay their HOA fees.
The more desirable a community is, the more valuable it becomes.
How Does HOA Management Help?
A Homeowners Association management company offers customized solutions to help streamline processes. For instance, our New York company PMI Manhattan Group provides maintenance assistance, document management, accounting, reporting, community communication, and more.
A property management company does a lot for board members and residents. Therefore, it's very likely that these neighborhoods will see an increase in property values. Essentially, they help make managing the community much easier for the HOA by offering resources and services.
Learn More About Your HOA and Home Values
HOA management can increase property values due to the standards they hold. Plus, they spend time and money on improvements and upgrades. Residents pay HOA fees to fund these changes and they get to experience the benefits as a result.
An HOA property management company can help raise home values even more, by offering services that make managing a neighborhood easy.
Are you a resident and board member in the New York, New York area? If you want to learn more about how we can help improve your community, simply send us a message and schedule a consultation today.
